Guernsey: Guernsey Signs Tax Agreement with China

A delegation from China, headed by Xiao Jie, Commissioner of the
State Administration of Taxation, people's Republic of China,
has visited Guernsey to sign a Tax Information Exchange Agreement
(TIEA).

The TIEA between the two jurisdictions was signed on Wednesday
27 October 2010 and is the 19th such agreement that
Guernsey has finalised with another territory.

As a consequence of Guernsey's ongoing commitment to
conclude TIEAs, the Island has been recognised as having
substantially implemented the OECD Internationally Agreed Tax
Standard on Exchange of Information.

Mr Jie confirmed China's wish to strengthen its economic and
trading relationship with Guernsey. The signing of the TIEA with
China reaffirms Guernsey's membership in the community of
nations committed to establishing an international financial system
based on co-operation, transparency and effective exchange of
information in tax matters, all of which strengthen stability and
the integrity of countries' tax systems, and China confirms
that Guernsey will be treated accordingly by the Chinese
authorities.

Mr Jie added that the signing of the TIEA lays a very solid
foundation for extensive co-operation between the two tax
administrations and looked forward to the closer working of the tax
administrations.

Chief Minister Lyndon Trott signed the Agreement with Mr
Jie.

Deputy Trott said: "I was delighted to welcome Mr Jie, and
the rest of the delegation from China, to our Island, to sign this
important Agreement. For some considerable time, Guernsey has been
making new relationships in, and creating a better economic
relationship with, China. Guernsey and China see the signing of the
TIEA as another, but very significant, step on a journey
strengthening the economic links between China and Guernsey.
Indeed, to demonstrate this, in a few days time I leave Guernsey to
participate in a visit to China, organised by Guernsey Finance, to
develop, even further, these links."

During this visit to China in the coming weeks, the Chief
Minister is expected to sign a Memorandum of Understanding (MoU)
with the Shanghai Municipal Financial Services Office to promote
exchange and cooperation in financial services between the two
centres.

The delegation will also be continuing to seek approval for
Guernsey companies to list on the Hong Kong Stock Exchange (HKEX),
progress the signing of a MoU with the China Banking Regulatory
Commission (CBRC) and move forward signing a similar MoU with the
China Securities Regulatory Commission (CSRC).

Guernsey has now signed Tax Information Exchange Agreements
(TIEAs) with 19 territories: Australia, China, Denmark, Faroe
Islands, Finland, France, Germany, Greece, Greenland, Iceland,
Ireland, Netherlands, New Zealand, Norway, Portugal, San Marino,
Sweden, United Kingdom and the United States of America.

Guernsey has concluded negotiation of a further 12 TIEAs, which
it expects to be able to sign in the near future. The Island is
continuing to negotiate with a substantial number of other
countries. Under the terms of a TIEA, Guernsey will, on request,
exchange bank and other information relating to both criminal and
civil tax matters.

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